1 Penny – Bermuda

In 1793, Bermuda’s currency situation was a complex and often chaotic blend of official British sterling, a chronic shortage of physical coin, and a heavy reliance on a diverse array of foreign and substitute currencies. As a British colony, the pound sterling was the official unit of account, but the island's economy, heavily dependent on maritime trade and salt-raking, was deeply integrated with the Atlantic world. This led to the widespread circulation of Spanish dollars (pieces of eight), Portuguese gold joes, and other foreign coins, which were valued by weight and fineness rather than at a fixed sterling rate, creating constant exchange difficulties.

The scarcity of official coinage was a persistent problem, exacerbated by Bermuda's negative balance of trade with Britain. To facilitate local transactions, the colonial government periodically issued "Proclamation Money" rates, setting values for specific foreign coins. More critically, the economy relied on informal credit and paper instruments. Merchants and prominent individuals issued private promissory notes and bills of exchange, which circulated as a necessary but unstable medium of exchange. This system was vulnerable to insolvency and fraud, causing frequent public disputes and eroding trust in the monetary system.

This unstable environment culminated in a significant legislative attempt at reform. In 1793, the Bermuda legislature passed an act to address the currency crisis by authorizing the issue of government paper notes, a bold move for the period. These notes, denominated in pounds, shillings, and pence, were intended to retire the problematic foreign coins and unregulated private paper. However, the success of this initiative was limited; public skepticism and a lack of sufficient specie backing meant that the old, messy system of multiple currencies and private credit persisted alongside the new notes well into the 19th century.